The initial public offering (IPO) of Bagmane Prime Office REIT, backed by Blackstone, garnered exceptional interest from investors, closing with a subscription rate of 23.71 times. The ₹3,405-crore IPO received bids for 350.77 crore units against the 14.79 crore units available for sale.
The portion reserved for other investors was subscribed 21.87 times, while the institutional investors’ segment saw a subscription of 25.25 times. Sources indicate that the IPO attracted over 200,000 applications, marking the highest number ever recorded for a REIT offering.
Prior to the IPO, Bagmane Prime Office REIT secured ₹1,150 crore from anchor investors. The IPO was launched with a price band set between ₹95 and ₹100 per unit.
IPO Structure
This Bengaluru-based real estate investment trust (REIT), specializing in Grade A+ office assets, issued a fresh offering valued at ₹2,390 crore, along with an offer for sale (OFS) totaling ₹1,015 crore from the selling unitholder, Blackstone. Funds raised will be utilized for the acquisition of the Luxor property in Bagmane Capital Tech Park, covering an area of one million square feet, as well as to partially finance the purchase of a 93 percent stake in Bagmane Rio, which includes the 1.1 million square feet Bagmane Rio Business Park.
The portfolio of Bagmane Prime Office REIT consists of six premium Grade A+ business parks, totaling 20.3 million square feet, situated in prominent micro-markets of Bengaluru, including the Outer Ring Road (ORR) and the Secondary Business District (SBD City).
Book-running lead managers for the offering include JM Financial Ltd, Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, IIFL Capital Services Ltd, SBI Capital Markets Ltd, 360 ONE WAM Ltd, and HDFC Bank Ltd.
Published on May 7, 2026
